Exercise 8-18 (Algo) Cash Flows; Budgeted Income Statement and Balance Sheet [LOB-2, LOB-3, LO8-9, LO8-10] Wolfpack Company is a merchandising company that is preparing a budget for the month of July it has provided the following information: Buggeting Assumptions. 1. All sales are on account. Thirty percent of the credit sales are coliected in the month of sale and the remaining 70% are collected in the month subsequent to the sale The accounts receivable at June 30 will be collected in July. 1. All sales are on account. Thirty percent of the credit sales are collected in the month of sale and the remaining 70% are collected in the month subsequent to the sale. The accounts receivable at Jane 30 wil be collected in July 2. Al merchandise purchases are on account. Twenty percent of merchandise inventory purchases are paid in the month of the purchase and the remaining 80% is paid in the month after the purchase. The accounts receivable at June 30 will be paid in Juty 3. The budgeted inventory brilance at July 31 is $12,900 4. Depreciation expense is $4.900 per month. All other seling and administrative expenses are paid in fuit in the month the expense is incurred. 5. The company's cash budget for July shows expected cash collections of $84,800, expected cash disbursements for merchandise purchases of $44,700, and cash paid for selling and administrative expenses of $15,500 Required: 1. For the month of Juty, calculate the following a. Budgeted sales b. Budgeted merchandise purchases c. Budgeted cost of goods sold d. Budgeted net operating income 2. Prepare a budgeted balance sheet as of july 31 . Complete this question by entering your answers in the tabs below. c. Budgeted cost of goods sold d. Budgeted net operating income 2. Prepare a budgeted balance sheet as of July 31. Complete this question by entering your answers in the tabs below. Calculate the budgeted sales for the month of July. c. Budgeted cost of goods sold d. Budgeted net operating income 2. Prepare a budgeted balance sheet as of July 31 . Complete this question by entering your answers in the tabs below. Calculate the budgeted merchandise purchases for the month of July. c. Budgeted cost of goods sold d. Budgeted net operating income 2. Prepare a budgeted balance sheet as of July 31 . Complete this question by entering your answers in the tabs below. Calculate the budgeted cost of goods sold for the month of July. c. Budgeted cost of goods sold d. Budgeted net operating income 2. Prepare a budgeted balance sheet as of July 31 . Complete this question by entering your answers in the tabs below. Calculate the budgeted net operating income for the month of July. Prepare a budgeted balance sheet as of July 31 . Exercise 8-18 (Algo) Cash Flows; Budgeted Income Statement and Balance Sheet [LOB-2, LOB-3, LO8-9, LO8-10] Wolfpack Company is a merchandising company that is preparing a budget for the month of July it has provided the following information: Buggeting Assumptions. 1. All sales are on account. Thirty percent of the credit sales are coliected in the month of sale and the remaining 70% are collected in the month subsequent to the sale The accounts receivable at June 30 will be collected in July. 1. All sales are on account. Thirty percent of the credit sales are collected in the month of sale and the remaining 70% are collected in the month subsequent to the sale. The accounts receivable at Jane 30 wil be collected in July 2. Al merchandise purchases are on account. Twenty percent of merchandise inventory purchases are paid in the month of the purchase and the remaining 80% is paid in the month after the purchase. The accounts receivable at June 30 will be paid in Juty 3. The budgeted inventory brilance at July 31 is $12,900 4. Depreciation expense is $4.900 per month. All other seling and administrative expenses are paid in fuit in the month the expense is incurred. 5. The company's cash budget for July shows expected cash collections of $84,800, expected cash disbursements for merchandise purchases of $44,700, and cash paid for selling and administrative expenses of $15,500 Required: 1. For the month of Juty, calculate the following a. Budgeted sales b. Budgeted merchandise purchases c. Budgeted cost of goods sold d. Budgeted net operating income 2. Prepare a budgeted balance sheet as of july 31 . Complete this question by entering your answers in the tabs below. c. Budgeted cost of goods sold d. Budgeted net operating income 2. Prepare a budgeted balance sheet as of July 31. Complete this question by entering your answers in the tabs below. Calculate the budgeted sales for the month of July. c. Budgeted cost of goods sold d. Budgeted net operating income 2. Prepare a budgeted balance sheet as of July 31 . Complete this question by entering your answers in the tabs below. Calculate the budgeted merchandise purchases for the month of July. c. Budgeted cost of goods sold d. Budgeted net operating income 2. Prepare a budgeted balance sheet as of July 31 . Complete this question by entering your answers in the tabs below. Calculate the budgeted cost of goods sold for the month of July. c. Budgeted cost of goods sold d. Budgeted net operating income 2. Prepare a budgeted balance sheet as of July 31 . Complete this question by entering your answers in the tabs below. Calculate the budgeted net operating income for the month of July. Prepare a budgeted balance sheet as of July 31